RAB Special Situations L.P.

Tyhee Development Corporation

April 12, 2005 11:49 ET

RAB Special Situations L.P./Tyhee Development Corp.-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND TYHEE DEVELOPMENT CORPORATION

TSX VENTURE SYMBOL: TDC

APRIL 12, 2005 - 11:49 ET

RAB Special Situations L.P./Tyhee Development
Corp.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - April 12, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that it subscribed for
5,263,158 units (the "Units") of Tyhee Development Corp. (the "Company")
(TSX VENTURE:TDC) , at a price of Cdn.$0.38 per Unit. Each Unit consists
of one (1) common share in the share capital of the Company (a "Share")
and one (1) transferable Share purchase warrant (a "Warrant"). Each one
(1) whole Warrant shall entitle Special Situations to purchase one (1)
Share (a "Warrant Share") at a price of Cdn.$0.50 per Warrant Share for
a period of two (2) years from the Closing Date. The transaction took
place off the market by way of private placement and closed on March 31,
2005.

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 17.49% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
7,763,158 Shares and 7,763,158 Warrants, representing approximately
24.76% of the issued and outstanding Shares on a Partially Diluted Basis
and William Philip Seymour Richards ("Philip Richards"), who may be
considered a joint actor with Special Situations, owned 100,000 Shares,
representing approximately 0.18% of the issued and outstanding Shares on
a Partially Diluted Basis.

Special Situations purchased securities for investment purposes only and
not with the purpose of influencing the control or direction of the
Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. However, Special Situations and its
joint actors, if any, do not intend to acquire 20% or more of any class
of the outstanding voting or equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (+44) 20 7389 7000
    (+44) 20 7389 7054 (FAX)
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.